Parc Eirin Development Company Limited - Accounts to registrar (filleted) - small 18.2
Parc Eirin Development Company Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Parc Eirin Development Company Limited |
| Audited Financial Statements for the Year Ended 31 March 2019 |
| Parc Eirin Development Company Limited (Registered number: 08741560) |
| Contents of the Financial Statements |
| for the Year Ended 31 March 2019 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| Parc Eirin Development Company Limited |
| Company Information |
| for the Year Ended 31 March 2019 |
| Directors: |
| Registered office: |
| Registered number: |
| Auditors: |
| 7 Neptune Court |
| Vanguard Way |
| Cardiff |
| CF24 5PJ |
| Parc Eirin Development Company Limited (Registered number: 08741560) |
| Balance Sheet |
| 31 March 2019 |
| 2019 | 2018 |
| Notes | £ | £ |
| Current assets |
| Stocks |
| Debtors | 4 |
| Cash at bank |
| Creditors |
| Amounts falling due within one year | 5 | ( |
) | ( |
) |
| Net current assets |
| Total assets less current liabilities |
| Creditors |
| Amounts falling due after more than one year |
6 |
( |
) |
( |
) |
| Net liabilities | ( |
) | ( |
) |
| Capital and reserves |
| Called up share capital | 7 |
| Retained earnings | 8 | ( |
) | ( |
) |
| Shareholders' funds | ( |
) | ( |
) |
| In accordance with Section 444 of the Companies Act 2006, the Profit and Loss has not been delivered. |
| The financial statements were approved by the Board of Directors on |
| Parc Eirin Development Company Limited (Registered number: 08741560) |
| Notes to the Financial Statements |
| for the Year Ended 31 March 2019 |
| 1. | Statutory information |
| Parc Eirin Development Company Limited is a |
| Wales. The company's registered number and registered office address can be found on the Company |
| Information page. |
| 2. | Accounting policies |
| Basis of preparing the financial statements |
| Related party exemption |
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The |
| Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party |
| transactions with wholly owned subsidiaries within the group. |
| Turnover |
| Turnover represents amounts chargeable, net of value added tax, in respect of the provision of construction and |
| property services to customers. |
| Work in progress |
| Work in progress is valued at cost. Impairment in work in progress is considered at each year end. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss, except to the |
| extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
| substantively enacted by the balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
| balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different |
| from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and |
| laws that have been enacted or substantively enacted by the year end and that are expected to apply to the |
| reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they |
| will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Going concern |
| The Board is aware that due to the nature of the development project where a significantly large amount of cost |
| is expended ahead of earning any revenue income, the company will report accounting losses until revenue |
| income is generated. The long-term projections show that the scheme will generate a surplus when completed. |
| The Board also receives cash flow projections and update on funding agreements (short term and long term) as |
| part of periodic financial reporting package. |
| In the unlikely event that the Board considers the scheme to be undeliverable, then the company has the option |
| to sell the residual land to Pobl at an agreed price which will enable the repayment of the WG loan. |
| As with any such project, there is some level of material uncertainty, but the directors are confident that should |
| the project fail to go ahead, the Company will be able to meet its liabilities as they fall due. |
| Based on the above, the Directors consider that the Company is financially viable and can meet its liabilities as |
| they fall due and therefore these financial statements have been prepared on a going concern basis. |
| Parc Eirin Development Company Limited (Registered number: 08741560) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2019 |
| 3. | Employees and directors |
| The average number of employees during the year was |
| 4. | Debtors |
| 2019 | 2018 |
| £ | £ |
| Amounts falling due within one year: |
| Amounts owed by group undertakings |
| VAT |
| Amounts falling due after more than one year: |
| Trade debtors |
| Aggregate amounts |
| 5. | Creditors: amounts falling due within one year |
| 2019 | 2018 |
| £ | £ |
| Trade creditors |
| VAT | 125,146 | - |
| Other creditors |
| Accrued expenses |
| 6. | Creditors: amounts falling due after more than one year |
| 2019 | 2018 |
| £ | £ |
| Other loans - 1-2 years | - |
| Other loans - 2-5 years | - |
| The loan is from the Welsh Government and is dated 30 March 2017. This loan supersedes the original Welsh |
| Government loan dated 30 March 2013. The interest is calculated on a compound basis with reference to the |
| European Reference rates together with a 1% margin. The interest rate together with the 1% margin totalled |
| 2.09% at 31 March 2019 (2018: 1.74%) |
| The repayment of the loan is set by the company reaching key milestone events. |
| The loan of £1 million plus accrued interest is due for repayment based on the earlier of several different key |
| events but no earlier than 10 December 2020 and therefore this has been classified as falling due for |
| repayment within 1 to 2 years. |
| The loan is secured on the Parc Eirin site and the cash balances within the company. |
| 7. | Called up share capital |
| Allotted and issued: |
| Number: | Class: | Nominal | 2019 | 2018 |
| value: | £ | £ |
| Share capital 1 | 1 | 100 | 100 |
| Parc Eirin Development Company Limited (Registered number: 08741560) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2019 |
| 8. | Reserves |
| Retained |
| earnings |
| £ |
| At 1 April 2018 | ( |
) |
| Deficit for the year | ( |
) |
| At 31 March 2019 | ( |
) |
| 9. | Disclosure under Section 444(5B) of the Companies Act 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| Material uncertainty related to going concern |
| We draw attention to note 2, 'Going concern', in the financial statements. As at 31 March 2019, the company's |
| total liabilities exceeded its total assets by £728,744. As stated in note 2, these events or conditions, along with |
| other matters as set forth in note 2, indicate that a material uncertainty exists that may cast significant doubt on |
| the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter. |
| 10. | Ultimate parent company |
| The ultimate parent company and controlling party is Tirion Group Limited, which prepares group financial |
| statements incorporating the financial statements of the company. A Copy of these can be obtained from the |
| charity's registered office at 7 Neptune Court, Vanguard Way, Cardiff, Wales, CF24 5PJ. |